Global Hunter Securities Maintains a 'Neutral' on Helmerich & Payne (HP); Cutting Numbers

April 27, 2012 1:41 PM EDT
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Price: $79.80 +1.90%

Rating Summary:
    11 Buy, 20 Hold, 5 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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Global Hunter Securities maintains a 'Neutral' on Helmerich & Payne (NYSE: HP) price target lowered from $59 to $54.

Analyst, Brian Uhlmer, said, "As US Land expectations go down so do HP's earnings, given it accounts for more than 90% of the company's gross margin. With dayrates softening, HP becoming more exposed to the spot market, and operators reluctant to enter into newbuild commitments, organic growth and upward earnings progression stalls. Thus, we think the stock warrants less of a premium to the group and we are reducing our price target."

"...we are lowering our F2012 EPS estimate by 30c to $4.75 and our F2013 EPS estimate by $1 to $4.75."

For an analyst ratings summary and ratings history on Helmerich & Payne click here. For more ratings news on Helmerich & Payne click here.

Shares of Helmerich & Payne closed at $52.87 yesterday.

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